Matrix Lab to issue pref shares to Newbridge Capital

PTIDec 29, 2003, 01.50pm IST

MUMBAI: The board of Matrix Laboratories has approved a proposal to issue preferential shares worth Rs 337.5 crore to Newbridge Capital and other investors.

In its meeting on Monday, the Matrix board has approved to issue 22,50,000 equity shares at Rs 1,500 per share aggregating to Rs 337.5 crore on preferential basis to Newbridge Capital and other investors subject to shareholders' approval, the company informed the Stock Exchange.

The board also approved the proposal to issue 'no objection' letter to New Bridge Capital and other investors to enable them to obtain Foreign Investment Promotion Board (FIPB), to obtain their approval for purchase of 18,00,000 equity shares from the existing shareholders through a secondary sale.

Matrix would convene an extraordinary meeting of the members on January 29, 2004 for the purpose, it said.